ODU’A Investments Limited yesterday laid the foundation of a new property in Ibadan, the Oyo State capital, as the group’s assets hit the N80 billion naira mark
The new multi-million naira project is a residential estate that will sit on a 4,500 square metre land on the highbrow Jericho Road in the capital city.
The only derelict building currently sitting on the target land will give way to seven duplexes -four of these will be four bedrooms apartments and three will be five bedroom apartments
The estate will also feature a swimming pool along with other modern facilities.
Addressing stakeholders at the turning of the sod for the property yesterday, the Chairman, Board of Directors of the conglomerate, Chief Isaac Akintade, said the project tagged ‘Project Ace,’ explains the company’s new foray into property development.
He said the project is aimed at improving economic and quality of life in the states in the Southwest that are the joint owners of the Odu’a group.
Akintade added that the goal of the board and management of the company was to preserve, nurture and improve the economic heritage of the people. “We cannot but renew our resolve to ensure that the noble legacy bequeathed on us is kept alive and buoyant,” he said.
Addressing reporters after the programme, the firm’s Group Managing Director (GMD), Mr. Adewale Raji, explained that the project was another initiative that would enhance the company’s brand in the property sub-sector and other areas of the economy.
Saying that the company currents group assets stands at N80 billion, Raji said that Project Ace was an addition to the portfolio of the Odu’a group that gives a direction to where the group is going in the nearest future.
He added that the project would be delivered in six months, adding that is fully funded by the group.
The Odu’a Group plans to sell the duplexes on when they are completed, and but will continue to manage the estate.